Audits Archives

On behalf of Jason W. Peck of The Peck Group, LC posted in Audits on Monday, July 1, 2019.

A “correspondence audit” is conducted via mail, rather than by requiring someone to meet with an IRS officer. The IRS sends a letter, usually a CP2000 Notice, saying the information it has on file does not match the information reported on someone’s tax return. In many cases, this happens due to a simple mistake. Someone accidentally under-reports their income or over-reports expenses.

On behalf of Jason W. Peck of The Peck Group, LC posted in Audits on Friday, April 5, 2019.

Few people enjoy filing their taxes. Even fewer look forward to the possibility of an audit. But unfortunately, anyone can find themselves randomly chosen to have their financial records pored over by the IRS or the Georgia Department of Revenue.

On behalf of Jason W. Peck of The Peck Group, LC posted in Audits on Wednesday, October 10, 2018.

The conventional guidance on income tax returns is to file every year, and hold onto your tax records for at least three years after you file. However, there are certain situations under which those guidelines change—and additional factors that redefine those guidelines altogether.

On behalf of Jason W. Peck of The Peck Group, LC posted in Audits on Thursday, May 24, 2018.

The federal government permits a wide range of deductions and tax credits to lessen your income tax burden each year. However, the IRS also has a good idea--based on your income and other factors--which tax breaks you'll likely qualify for. Therefore, it's important to be certain of your eligibility for any credits and deductions you claim, because a false claim could raise a red flag for an audit.

On behalf of Jason W. Peck of The Peck Group, LC posted in Audits on Monday, March 19, 2018.

Almost everyone in Georgia has an obligation to file tax returns. Unfortunately, organizing the paperwork involved is almost as unpleasant as paying. Despite the challenges of preparing tax returns, people need to be thorough and have documentation to support their income and deductions. A variety of mistakes, such as rushing or approximating figures, could raise red flags that trigger an audit by the Internal Revenue Service.

On behalf of Jason W. Peck of The Peck Group, LC posted in Audits on Friday, March 16, 2018.

Georgia taxpayers may be under the impression that the Internal Revenue Service conducts audits on only a tiny number of tax returns each year. However, according to H&R Block, the number may be significantly higher than commonly reported statistics indicate.

On behalf of The Peck Group, LC posted in Audits on Monday, October 30, 2017.

What will tax reform look like? That is a major question swirling in the political air in Georgia and every other state of the nation. No one in a position of making such policy is willing to provide much in the way of clarity on the subject. They apparently want to keep their options open. Who can blame them? No matter what action follows, someone will be upset. There is one thing that analysts say law and policy makers should try to keep top of mind - the gig economy.

On behalf of The Peck Group, LC posted in Audits on Saturday, October 7, 2017.

According to a recent survey, over a quarter of all Americans are working a job in the gig economy but not declaring it on their taxes. That's around 69.8 million people and about $214.6 billion in tax revenue going undeclared.

On behalf of The Peck Group, LC posted in Audits on Friday, September 8, 2017.

You might have filled out your tax forms perfectly, but at least one red flag raises your chances of an IRS audit. Or perhaps you are not sure whether to record something in case it turns out to be a red flag and you have lost the documentation backing it up.

On behalf of The Peck Group, LC posted in Audits on Friday, August 18, 2017.

Last time, we mentioned a legislative proposal that would make significant changes to tax law, changes that are very likely to have a significant negative impact on charitable giving. It isn’t clear yet how far the proposal will advance—there are certainly opponents—but if it does, the effects could be widespread, hitting nonprofit organizations hard.

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